Germany to World: No, We Won't
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  • As a German I can say that Germany will neither be willing nor able to “guarantee all the debts of the euro-zone”.

    Merkel´s current “Euro rescue policy” is quite unpopular in the German public. We Germans are not very used to protest. However, on this weekend we saw the first significant protest in several German cities. Take this as sign to what might happen over here if the German government gives more guarantees or spents more money an rescuing banks and countries.

    Mrs. Merkels coalition partner, the FDP, has a members vote on the ESM in December. The outcome is not predictable, but it could happen that the coalition breaks up due the FDP member´s decision. Throughout the party members of CDU, CSU and FDP the “Euro rescue policy” is not very popular.

    Furthermore, I would like to recommend having a look in the German supreme court´s recent decision on the EFSF; including the two interviews the supreme court´s president Andreas Voßkuhle gave afterwards to Frankfurter Allgemeine Zeitung and ZDF.

    According to the decision I can say that guaranteeing all Euro zone debt would very likely violate the German constitution.

    Last but not least I have a question to the world. After saving everbody else has failed: who is going to save Germany?

  • gooch mango

    “Since the 1950s the West gradually built up confidence that the answers to all important social and economic problems were known, and that policy consisted of identifying and then applying the correct technical solution.”

    “The technocratic confidence of the world’s business and political elite peaked in the 1990s and has been slowly unraveling since.”

    And there it is: the conceit then the cold water.

    Perhaps history has been riding them all along. Perhaps their supposed mastery of events always was just an illusion, doomed to last only as long as the debt-fueled, post-WWII prosperity fooled us into thinking life could be engineered into a perpetual series of win-win situations. Cash and prizes for all!

    It’s easy to keep the peace when everyone can be bought off. It all falls apart when the money runs out or the True Believers come over the hill… and we are facing both right now.

    (Oh, and for those of us paying attention, the peak was way back in the 70s, not the 90s. The emperor has had no clothes for decades now.)

  • Kenny

    ” …who is going to save Germany?”

    Come on. Felix. Parasites don’t think that far ahead. They will keep eating away at the host even if it’s just to buy just another day of life off of the host.

  • Tulsa Jack

    So far as I know, commentators have yet to connect the world-wide financial crisis with the feckless Marxist regime of Barrack Hussein Obama in Washington.

    In his treasonous rush to destroy America by sabotaging its economy, this contemptible thug has undermined America’s trading partners. When U.S. markets stop buying, foreign producers stop selling. No profits, no taxes. This snowball effect is especially apparent in the U.S. federal and state budgets, gutted by Obama’s regulatory obstruction, confiscatory taxation, and escalating inflation.

    Democrats in the U.S. Congress are complicit in this willful destruction of the welfare of a significant proportion of global population. Harry Reid, Senate Majority Leader, is the only person who could get rid of Obama, through the impeachment process. But like Obama, Reid is a crook, complicit in Obama’s personal fraudulent illegitimacy and in his viscous racist, anti-Semitic, anti-free enterprise campaign of lies, corruption, and demagoguery.

    Reid and Obama are public enemies. Until they are thrown out, and Big Government dictatorship is seen for the deadly tyranny that it is, the course of everyone’s lives will accelerate downhill.

  • Chaz

    This time Germany doesn’t have to destroy Europe… It just doesn’t have to save Europe.

  • Jim.

    What can institutions do when the people have failed?

    The fact is that Europeans (perhaps except Germany) have lost all sense of individual responsibility. They live in a collectivist Benthamite bubble where “all men are paid for existing, and no man must pay for his sins.”

    Instead of a world where everyone takes it upon themselves to create to excess, and that excess is shared through a free economy, they live in a world where they demand that their institutions provide everything for them. Institutions (particularly, institutions not dedicated to optimizing individuals’ productivity, through character-building, or actual material productiveness) cannot provide everything a human population could wish. They can’t even come close.

    The strength of the wolf is the pack, they believe, forgetting that the strength of the pack is the wolf.

    The painful irony here is in the youth unemployment rate. People with the energy and strength to create are stymied both by crippling regulation and creeping listlessness, born of having worthy endeavors discouraged and every need “guaranteed”. Until the money runs out.

    And the money’s running out. We’re going to see change and upheaval. I hope that the reawakening to the realities of the human condition will be gentle and not “with fire and slaughter return”, but who knows.

    We are not seeing the end of history. We are soon to see a new chapter unfold, as the Socialist state collapses of its own dead weight.

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